Final answer:
It is true that to determine the relative importance of each asset, reference to the organization's mission statement or statement of objectives is needed to classify assets as essential, supportive, or adjunct. Assets should be aligned with the company's goals, and understanding financial resources is also important.
Step-by-step explanation:
True, when determining the relative importance of each asset, you should refer to the organization's mission statement or statement of objectives to determine which elements are essential, which are supportive, and which are merely adjuncts. An asset is an item of value that a firm or an individual owns, which can range from physical equipment to intangible items like patents or trademarks. The mission statement guides how these assets align with the core objectives and values of the company.
A mission statement provides a clear direction on which assets are critical for the fulfillment of the company's core objectives, which ones offer supportive roles, and which are not central to the main goals but may be beneficial. It is crucial to understand the company's priorities and goals in order to contribute effectively towards them and support your team's goals. In addition, understanding what financial resources are available helps assess how to best deploy assets without relying solely on financial capacity, as creativity and skill play a critical role in asset utilization. Each asset's role should be weighed against how it serves the organization’s pursuit of delivering value as outlined by its strategic objectives.